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Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.

2022 Lexus NX gives a peek with Japan's highest peak

Lexus is nearly ready to introduce the second-generation NX. It released a postcard-like preview image of the crossover with the planet's seventh-highest peak located on an island. "The future of Lexus is just on the horizon," the company explained in a release accompanying the image. That's a little misleading; the photo shows Mount Fuji, a 12,388-foot high volcano in Japan, on the horizon. It's what's in the foreground that's about to break cover. One of the biggest visual changes made to the NX (which was the second-best-selling Lexus model in 2020) is the addition of a light bar that stretches across the hatch. It connects the rear lights, and it's underlined by "LEXUS" lettering written in bold capital letters. This styling cue marks a major departure for the brand. Nearly all of the cars it has released since its inception in 1989, including the V10-powered LFA, have worn its L-shaped logo out back. It's not unreasonable to assume this is a styling cue that will spread to other members of the range, like the popular RX. Beyond that, it's difficult to tell how the next NX will stand out from the current model introduced in 2014. We're not expecting a revolution. The crossover's silhouette won't drastically change, and its spindle-shaped grille isn't going anywhere. It might grow, if stylists follow recent design trends, though hopefully not to Fuji-like proportions. Bigger updates will likely be found in the cabin, where a raft of new tech features will trickle down from bigger models. Lexus will unveil the next-generation NX online on June 11. It will stream the event on a dedicated website starting at 11 a.m. Eastern time, which is 8 a.m. in Los Angeles. Sales will start nationwide shortly after. 

Vice chronicles Okinawa's illegal street racing scene

We all know that street racing is dangerous, and that motorsports are best left on the track or drag strip. However, that doesn't mean that there still isn't some outlaw allure among enthusiasts of racing on public roads. In this video, Vice Japan profiles Eikichi Nagayoshi of Japan's island of Okinawa. He is a used car dealer by day and an illegal racer by night.
Nagayoshi has a deep love for his highly customized Toyota Aristo (better known to us as a first-generation Lexus GS) that he claims produces over 1,000 horsepower and has hit 205 miles per hour. He races his car both on drag strips and in drifting competitions, but says that he often has to ship the car to mainland Japan to compete. In the absence of those opportunities, he sometimes gathers friends and takes the racing to the public roads. While we're not down with street racing, this Vice video is an intriguing personality piece, as well as a look into Japan's fabled underground racing scene. Scroll down to check out the video, but make sure you have the "CC" button clicked, because several portions are subtitled.